Member States will be required to transpose the Directive into national laws within 18 months of the publication of the final proposal.
What does it mean for authorized PIs under the PSD2 or authorized EMIs under the Electronic Money Directive?
Under the new legal authorization regime introduced by PSD3, authorizations already granted to PIs and EMIs will remain valid for an additional 24 months, as from the entry into force of PSD3. However, these PIs and EMIs will have to submit a new application to their NCA at the latest 18 months after the entry into force of PSD3, leaving the NCA the time to assess compliance.
It is crucial for authorized PIs and EMIs to identify and assess the impacts of PSD3 on their application, to be able to keep their authorization.